By Michael S. Derby
Reuters
Thursday, June 12, 2025

NEW YORK -- A Republican senator's plan to take away the Federal Reserve's power to pay banks interest on cash they park on central bank books could cause chaos for monetary policy implementation if it were implemented, market participants said.

... Dispatch continues below ...

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In recent days Sen. Ted Cruz of Texas has been speaking about this power and his desire to see it ended as part of what he views as an effort to save money by the federal government. Stripping the Fed of the longstanding power would save the government $1 trillion, Cruz said in a CNBC interview last week. 

The senator said then that he did not know if it was likely his effort would work but that it was certainly possible.

... For the remainder of the report:

https://www.reuters.com/sustainability/boards-policy-regulation/effort-strip-fed-interest-paying-power-seen-likely-bring-upheaval-markets-2025-06-12/ [2]

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